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Eni announced Friday that it has signed a new Production Sharing Contract (PSC) with CNOOC for one offshore exploration block in the South China Sea off Hainan Island.

Block 50/34 covers an area of around 772 square mile in the Qiongdongnan Basin.

The exploration period will last 6.5 years, divided into 3 phases.

This new PSC confirms the interest of Eni to continue and consolidate its presence in China, particularly in the South China Sea.